Israeli-based wine startup, Vinsent (formerly VinX) has announced today the release of a new app that offers its customers the capability to purchase from a catalog of over 20 wines through a pilot group of 10 curated wineries from France, Spain, Italy, and the US.
The Vinsent app gives its user access to a marketplace that allows wineries from all over the globe to offer their wine for purchase and is a key component for Vinsent’s long-term efforts to deal with the inefficiency of the wine industry distribution model by allowing consumers to connect with these wineries directly.
Vinsent’s newly released app uses the latest blockchain technology to secure wine trading and deal with the industry ongoing fraudulent issues. Tokenizing wine will allow trusted and acceptable selling and trading of wine futures on the transparent and secure blockchain. Furthermore, registering the released wines on blockchain allows wine enthusiasts to know that the bottle they’ve selected is authentic.
Vinsent brings consumers in direct contact with wineries early in the winemaking cycle, giving early access to fine wine for consumers, and providing greater cash flow for wineries throughout the process,” said Jacob Ner-David, Vinsent CEO. “Simply said, we are reinventing the way wine is bought, owned, and experienced.”
By allowing wineries to seamlessly offer their latest wines directly to consumers, wineries will also be capable of better forecasting sales of wines and success of vintages. For the very first time, Vinsent’s new app will enable wineries to send updates on the winemaking process to their customers, ask for their feedback, and establish long-lasting loyalty.
“The wine industry is ripe for blockchain disruption, as the technology solves significant problems with supply chains, transferring ownership and establishing provenance,” said Jonathan Johnson, president of Medici Ventures, a funding partner of Vinsent. “By building its platform with blockchain technology, Vinsent is establishing a secure marketplace for global audiences.”
At the current moment, the app includes app exclusive pricing and early access to wines with future plans of introduces more wines and wineries throughout 2019, along with a blockchain-based trading platform for wine lovers to exchange their most recent purchases.